Business News

CCTV Script 16/06/16

– This is the script of CNBC's news report for China's CCTV on June 16, Thursday.

Welcome to CNBC Business Daily, I'm Qian Chen.

Just over a week till Britain votes over whether to remain in the European Union and momentum unquestionably with the leave camp.

Immigration, EU regulations and the cost of the U.K.'s membership of the EU are all key issues in the debate and are sticking points for those that want to leave the bloc.

Those in the "Remain" camp point to political and economic instability and uncertainty as the likely fallout should Britons vote overwhelmingly to leave the EU.

[MARK BOLEAT, Chairman, Policy & Resources Committee City of London] "The single market is vitally important for finance. Therefore clearly if Britain voted leave the European Union there would be some disruption. 07:52:18 We would obviously seek to keep that to a minimum. We'll be looking for an early deal with the European Union that would preserve as much as we've got as possible. And London is incredibly adaptable. It would adapt to the new situation but there would be some disruption and it's not something we would welcome."

In the last month before the debate, the "Remain" campaign is pulling out all the stops to persuade voters to opt for the status quo.

Last month, the Treasury released analysis which it said showed that leaving the EU would tip the U.K. into a year-long recession and lower the country's growth by 3.6 percent after two years.

The analysis, which was launched by Finance Minister George Osborne and Prime Minister David Cameron, who are calling for the U.K. to remain in the political and economic bloc.

Meanwhile, studies have shown economic impacts of Brexit on the EU as well.

Cameron said that leaving the EU would "would cause an immediate and profound economic shock across the country, creating instability and uncertainty."

Uncertainty is what people fear the most right now.

It could be made worse by the complex negotiations that would follow to agree the terms of Britain's exit from the EU and its new relationship with the rest of Europe.

CNBC's Qian Chen, reporting from Singapore.

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